PANTAGRUEL: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
PANTAGRUEL
Largest movements
- Tangible fixed assets -€76,375
down €76,375 (-9.5%), from €802,768 to €726,394
of which Land and buildings: -€74,761
- Cash +€35,140
up €35,140 (+16.8%), from €208,550 to €243,690
mainly Depreciation (+€77,125) and Other debts (+€17,464)
- Debts after one year -€66,345
down €66,345 (-12.5%), from €531,416 to €465,072
of which Financial debts: -€36,345
- Other debts +€17,464
up €17,464 (+10.5%), from €165,876 to €183,340
- Gross operating margin +€18,461
up €18,461 (+20.4%), from €90,302 to €108,763
- Financial charges +€10,897
up €10,897 (+267%), from €4,079 to €14,976
- Depreciation +€2,424
up €2,424 (+3.2%), from €74,701 to €77,125
- Other operating charges +€1,257
up €1,257 (+15.8%), from €7,939 to €9,197
- Taxes +€1,129
up €1,129 (+104%), from €1,086 to €2,215
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,031,375 | €991,805 | -€39,570 | -3.8% |
| Fixed assets | 21/28 | €804,733 | €727,608 | -€77,125 | -9.6% |
| Intangible fixed assets | 21 | €1,415 | €665 | -€750 | -53.0% |
| Tangible fixed assets | 22/27 | €802,768 | €726,394 | -€76,375 | -9.5% |
| Land and buildings | 22 | €796,318 | €721,557 | -€74,761 | -9.4% |
| Plant, machinery and equipment | 23 | €5,383 | €4,223 | -€1,160 | -21.5% |
| Furniture and vehicles | 24 | €1,067 | €614 | -€454 | -42.5% |
| Financial fixed assets | 28 | €550 | €550 | = | 0.0% |
| Current assets | 29/58 | €226,642 | €264,197 | +€37,554 | +16.6% |
| Stocks and contracts in progress | 3 | €3,517 | €3,517 | = | 0.0% |
| Stocks | 30/36 | €3,517 | €3,517 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €9,134 | €11,195 | +€2,061 | +22.6% |
| Trade receivables | 40 | €9,134 | €11,188 | +€2,054 | +22.5% |
| Other amounts receivable | 41 | - | €7 | +€7 | |
| Cash at bank and in hand | 54/58 | €208,550 | €243,690 | +€35,140 | +16.8% |
| Deferred charges and accrued income | 490/1 | €5,441 | €5,794 | +€353 | +6.5% |
| Total equity and liabilities | 10/49 | €1,031,375 | €991,805 | -€39,570 | -3.8% |
| Equity | 10/15 | €256,560 | €261,811 | +€5,251 | +2.0% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €106,560 | €111,811 | +€5,251 | +4.9% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €15,000 | €0 | -€15,000 | -100% |
| Other | 1319 | - | €15,000 | +€15,000 | |
| Distributable reserves | 133 | €91,560 | €96,811 | +€5,251 | +5.7% |
| Amounts payable | 17/49 | €774,816 | €729,994 | -€44,821 | -5.8% |
| Amounts payable after more than one year | 17 | €531,416 | €465,072 | -€66,345 | -12.5% |
| Financial debts | 170/4 | €171,416 | €135,072 | -€36,345 | -21.2% |
| Other amounts payable | 178/9 | €360,000 | €330,000 | -€30,000 | -8.3% |
| Amounts payable within one year | 42/48 | €243,399 | €264,923 | +€21,524 | +8.8% |
| Current portion of amounts payable after more than one year | 42 | €65,743 | €66,345 | +€602 | +0.9% |
| Trade debts | 44 | €5,383 | €4,241 | -€1,142 | -21.2% |
| Suppliers | 440/4 | €5,383 | €4,241 | -€1,142 | -21.2% |
| Taxes, remuneration and social security | 45 | €6,397 | €10,998 | +€4,600 | +71.9% |
| Taxes | 450/3 | €6,397 | €10,998 | +€4,600 | +71.9% |
| Other amounts payable | 47/48 | €165,876 | €183,340 | +€17,464 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,701 | €77,125 | +€2,424 | +3.2% |
| Other operating charges | 640/8 | €7,939 | €9,197 | +€1,257 | +15.8% |
| Gross operating margin | 9900 | €90,302 | €108,763 | +€18,461 | +20.4% |
| Operating profit (loss) | 9901 | €7,662 | €22,442 | +€14,780 | +193% |
| Financial charges | 65/66B | €4,079 | €14,976 | +€10,897 | +267% |
| Recurring financial charges | 65 | €4,079 | €14,976 | +€10,897 | +267% |
| Profit (loss) for the period before taxes | 9903 | €3,582 | €7,466 | +€3,883 | +108% |
| Income taxes | 67/77 | €1,086 | €2,215 | +€1,129 | +104% |
| Profit (loss) for the period | 9904 | €2,497 | €5,251 | +€2,754 | +110% |
| Profit (loss) for the period to be appropriated | 9905 | €2,497 | €5,251 | +€2,754 | +110% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.